10 Best NFT Marketplaces In India To Buy
Non-fungible tokens (NFTs) have gained immense popularity over the last few years. There are many reasons for this boom and one of them is that technology allows individuals to own something valuable in the virtual world. To clear the cloud, let us first understand what NFTs are. An NFT is a digital asset that replicates physical items such as art, music, in-game items, and videos. Despite the fact that they have been available since 2014, NFTs are gaining popularity as a common means to purchase and sell digital artwork. Though NFTs are often referred to as similar to cryptocurrencies, they are different. For instance, all units of cryptocurrencies are identical. However, each NFT is fully unique and cannot be swapped like-for-like. With the rising demand for NFTs, there are many marketplaces available on the internet today to buy and sell NFTs in India. In this article, we have selected the top NFT marketplaces in India in 2023.
What is an NFT marketplace?
The NFT landscape is evolving, but typically, most NFT marketplaces fall into one of these three categories:
- Open marketplace – Anyone can sell, buy, or mint NFTs. Minting refers to the process of uniquely publishing your token on the blockchain to make it buyable. Open marketplaces typically mint NFTs for you, though creators can also mint their own works.
- Closed marketplace –Artists must apply to join and the marketplace usually undertakes the minting processes. Selling and trading are more restricted.
- Proprietary marketplace – A marketplace that sells NFTs trademarked or copyrighted by the company operating it.
Some NFT traders create accounts on and subscribe to a variety of marketplaces so they can receive announcements about new NFT drops. Information about new NFTs is also shared on platforms such as Discord and Twitter, as well as more specialized investing platforms like Rarity Sniper and Rarity Tools. When highly anticipated NFTs are released, investors tend to act quickly.
10 Best NFT Marketplaces In India To Buy
NFT marketplace is a virtual economy platform that works in a peer-to-peer model. This allows artists to showcase and list their art in the form of digital tokens and buyers/investors can purchase those jpegs in the form of an asset. It is very similar to buying products online through your digital or E-wallet payment system. After determining the possible price of this Non-Fungible Token (NFT) the Artist can choose from several options whether they want to list the NFT as a specific Fixed price or run an auction where the highest bidder gets to own the NFT.
WazirX was founded in 2018, and it is an Indian cryptocurrency exchange with over 7.3 million users. The platform was acquired by the crypto trading platform Binance. They launched the NFT marketplace dedicated to regional and traditional creators. The platform is known to host its first NFT exhibition and is popularly known to be a good option for beginners. It charges users 5% of service fees, and creators can keep the rest of the proceedings. The platform recorded $38 billion trading in a record year by November 2021 and even crashed after heavy user activity was seen based on news of the Indian government’s cryptocurrency bill decision.
To access the WazirX marketplace you need to head over here and click on Connect Wallet button at the top to connect your Metamask Wallet. The marketplace work on the Binance Smart Chain network and you need a WRX token in your wallet to place a bid or buy an NFT.
OpenSea is one of the world’s largest NFT marketplaces that allow users to buy, sell, and discover a variety of digital assets. The marketplace was launched back in 2018 and has earned much reputation in its domain over the years. According to experts, OpenSea holds over 75% of all NFT transactions that occur on the Ethereum Network. To use OpenSea, you must connect your OpenSea account with a wallet like MetaMask, Coinbase Wallet, and others. Moreover, you can also discover the Bored Ape Yacht Club, CryptoKitties, Crypto Punks, Decentraland, Doodles, and other well-known NFT assets. Another advantage of purchasing NFTs from OpenSea is the worldwide creators and community, which gives a broader range of options.
3. Jupiter Meta
Jupiter Meta has recently launched India’s first fully curated innovative marketplace, which focuses on creating singular metaverse experiences through music, films, and games. For example, their NFT ‘Icons of Singara Chennai’ depicts culture through digital art, NFT of food, monuments, and beaches. Jupiter Meta was established in 2021 to trade NFTs and various creative and cultural segments that are built into its metaverse. This marketplace, which provides fixed prices and a personalized experience, is backed by Rubix blockchain technology of level-1 and has zero gas fees.
This marketplace is described as the bridge between Bollywood and blockchain. Bollycoin is an NFT marketplace dedicated to collections inspired by Bollywood projects. Recently the platform unveiled its Dabangg collection, which is in collaboration with Salman Khan. In addition to that, the marketplace also offers movie clips, posters, and stills, among other collectibles. Users can use their crypto coins to purchase NFTs and get royalties based on their activity.
The Colexion marketplace is sworn to be one of Asia’s largest licensed NFT marketplaces for digital artists to purchase and sell their art. They are now working towards the creation of the world’s largest NFT digital museum where the members/users can meet and interact with various celebrities and get an insight into their life journeys. In the form of digital tokens, the NFT marketplace even has trump cards. Besides this, they have a gaming platform that integrates sports personalities and enables players to trade, own, and sell their avatars and other commodities. It’s been said in the form of trading cards, Colexion has partnered with various cricketers like Yuvraj Singh, Glen Maxwell, and many others. Moreover, in the Entertainment section, even musicians like Salim Sulaiman and Aamir Ali have their own set of NFTs.
Founded in 2016, BuyUCoin is one of the leading crypto exchanges in India that serves over 350,000 users and handles over $300 million-plus in digital asset transactions. The company has announced that its mission is to bring crypto into billion Indian pockets. It enables users to buy and sell and trade 33 cryptos, including Ethereum, Bitcoin, Ripple, Stellar, among many others. The platform charges users a 0.24% maker fee.
The platform also has a dedicated NFT marketplace that has a UI very similar to Opensea and hosts some of the popular NFT projects that are up for grabs.
7. Nifty Gateway
Nifty Gateway, along with their NFTs’ niftiest, was known in blockchain history for selling Beeple’s NFT and artists like Grimes and LOGIK. The NFTs on Nifty Gateway get stored in a secured wallet and it’s powered by Gemini’s state-of-the-art custody technology. This enables the platform to levy 0% gas fees for the artists, and every three weeks, the Nifties is released as a limited edition. The Nifty Gateway generally focuses on ‘premium’ NFT drops that are NFT releases with a limited number of assets. The platform hosts a wide variety of famous artists and creatives, with drops like Steve Aoki and Grimes. Due to these NFTs being highly desired, Nifty Gateway’s selection attracts high-end investors.
This platform came into LimeLight when it launched the NFTs of the Bollywood superstar Amitabh Bachchan. As per the report, there were around 5,000 loot boxes, and they were sold in just 53 minutes. During the auction of those NFTs, around 6 million people were present on the website. After one month, it later launched its second drop with Stan Lee’s co-creation Chakra The Invincible. It was also a big blast, all the 6865 loot boxes were sold within just 51 seconds, and 5000 jukeboxes were sold in just 49 seconds.
The platform saw a great response from the people, and it can be called the first platform that brought India and NFT close. It is all set to provide an extraordinary trading experience to the Global community.
Launched in 2020, Rarible was ranked as the top NFT marketplace and this was so because of their given RARI, which is their native ERC-20 governance token. Rarible supports two tokens that are called ERC721 and ERC1155: The first one is for the creation of unique items and the second one is used for creating multiple editions of an item. This marketplace is built on the Ethereum Blockchain and they have partnered with a few big brands such as Adobe and many other popular artists. It is said that Rarible’s tokens can also be used on platforms like OpenSea which is one of the few decentralized independent organizations because it enables its customers to make decisions themselves. The NFT tokens are even used on OpenSea, a renowned platform that’s accessible via this marketplace. Rarible is known to be one of the best NFT art marketplaces as the platform hosts a huge selection of digital art, photography, games, music, domains, and even metaverse items.
1O. Binance NFT marketplace
Binance is attracting artists, bands, and creators with its big numbers to be a part of its newly launched NFT marketplace. Since the announcement of its NFT marketplace, more than 1000 creators have listed approximately 2.5 million NFTs since its launch in June. It provides creators with an open space to explore their creativity. The platform has sold a staggering 1 million mystery boxes, and its trading volume has crossed $360 million.
Partnerships with artists, athletes, news agencies, singers, actors, and award-winning celebrities have enabled Binance to uplift its credibility. Popular personalities are using this platform to interact with their friends through their merchandise, meet-and-greet events, personalized tokens, passes, and tickets for matches and tournaments.
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